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NEW YORK (AP) — A late-day rally gave stocks a moderate advance yesterday as a second day of lower oil prices calmed investors uncertain about the direction of interest rates.

Better-than-expected earnings from Coca-Cola Co. and United Technologies Corp. propped up the Dow Jones industrials, while mild wholesale inflation data also lent some support to the market. But concerns about conflict in the Middle East made investors uneasy about buying: Stocks spent most of the session lower before recovering late in the day.

While a modest rise in the core Producer Price Index helped the inflation picture, analysts said the stronger-than-forecast gain in overall PPI raised the possibility of more rate increases from the Fed and also unnerved the bond market. Downbeat housing data renewed fears about an economic slowdown.

The Dow Jones Industrial Average climbed 51.87, or 0.48 percent, to 10,799.23, after sinking as much as 63 points earlier.

Advancing issues overtook decliners by 6 to 5 on the New York Stock Exchange. Stocks barely budged Monday amid nervousness about buying after sharp losses last week, Wall Street’s worst in 2006.

However, the rise in overall PPI had the bond market worried about inflation weakening the value of fixed-income investments. The yield on the 10-year Treasury jumped to 5.14 percent from 5.07 percent late Monday.

The day’s data reinforced Wall Street’s anxiety about the economy. Although recent reports have provided evidence of slowing economic growth, rising inflation from persistently high oil prices could prompt the Fed to keep boosting interest rates — and potentially trigger an economic downturn.

That comes as central banks worldwide are also lifting rates to contain inflation, which would curb global demand and foreign investments as money becomes more expensive to borrow. Today, Mr. Bernanke’s speech and the latest reading of the Labor Department’s critical Consumer Price Index could lead stocks in either direction.

Tension in the Middle East sent crude futures soaring before trades locked in profits toward the end of the session. A barrel of light crude jumped to $76.55 but fell $1.76 to settle at $73.54 on the New York Mercantile Exchange.

Elsewhere, the U.S. dollar fell against the Japanese yen. Gold dropped to $630 an ounce.